Australia's federal budget for 2024, presented by Treasurer Jim Chalmers, includes significant investments aimed at supporting students, alleviating cost-of-living pressures, and advancing national industries under the Albanese government's $22 billion 'Future Made in Australia' initiative. Announced on May 14, 2024, the budget outlines key provisions like erasing $3 billion from student HECS debt, offering $300 energy bill rebates to every household, and reinforcing sectors like construction and clean energy with targeted training and job opportunities.
In education, the government has allocated $1.1 billion over five years, capped undesirable HECS debt indexation, and pledged investments for subsidized student placements and free university preparation courses. An additional $90 million will create 20,000 fee-free TAFE places to bolster the construction workforce.
The budget also targets cost of living with measures including a broad energy rebate amounting to $3.5 billion, designed to reduce household electricity bills by $300 and provide $325 rebates for small businesses.
Focusing on industrial growth and sustainability, the budget supports the development of 'green' industries through a new $1.7 billion innovation fund and $13.7 billion in production tax incentives for sectors like green hydrogen and low-carbon fuels.
Additionally, the budget addresses the housing scarcity for students and aims to enhance national workforce qualifications, setting a goal for 80% of workers to hold a tertiary qualification by 2050. In response to various pressures including rising inflation and regional conflicts affecting energy prices, the budget also includes broader economic strategies and commitments to healthcare and aged care reforms.